What is a Cashplus Business Account?
In this week’s blog post we take a look at the benefits of opening a Cashplus Business Account with Card Cutters…
Cashplus are a well known financial services company that offers many customers the opportunity to rebuild their credit rating through the use of a pre-paid credit card.
Cashplus, a product issued by APS Financial Ltd (AFL) is, in their own words, “the first general-purpose prepaid card provider to launch in the UK”. MasterCard branded, Cashplus launched in 2005 and is now one of the biggest prepaid services cards across Europe.
But did you know they also offer a fantastic business account offer too?
What does a Cashplus Business Account offer?
A major selling point of Cashplus, which has seen it gaining popularity as a serious competitor to the high street banks, is that credit checks are not necessary.
This is, of course, is something which can be of great help to new and small businesses (SMEs) as well as those that have rebranded or formed from other companies.
This benefit has been acknowledged and utilised by Cashplus, who soon moved beyond their initial launch of prepaid cards for consumers to offer digital current accounts for businesses as well as consumers, foreign currency cards, and other lending products, all of which operate with instant approval.
As Cashplus operate their cards via MasterCard, a vast network of transactions is opened up, which naturally includes the ability to make payments worldwide, as well as in person and online.
How does a Cashplus Business Account work?
A major problem that new businesses often face is getting access to the funds and services they need in order to grow and reach their full potential. Getting sufficient banking services to operate in a professional and progressive way is difficult, with business expense cards being especially challenging to obtain.
High street banks are often viewed as restrictive to SMEs, and taking the power away from the normal banking routes forms part of the business model of Cashplus. Their aim, alongside removing the limitations of credit and trading history information, is to create a swift and easy process that SMEs with limited time and experience will find helpful and appealing.
Applications are made online, with decisions, account numbers, and sort codes being instant. Cashplus cards are sent out directly to your chosen address within a few days of your application being approved. Again, this process means that the long drawn out process of opening a business bank account is removed.
How do Cashplus Business Accounts compare?
The fees involved with many business accounts are always something that businesses need to consider and look at carefully. While an initially low annual fee often seems enticing, a closer analysis of the details may reveal other charges inherent within the account. Things such as purchase transaction charges and account management fees are not uncommon and come as extra charges in addition to the annual fee.
Whilst an initially low annual fee often seems enticing, a closer analysis of the details may reveal other charges inherent within the account. Things such as purchase transaction charges and account management fees are not uncommon and come as extra charges in addition to the annual fee.
Whilst high street bank promote the use of free business accounts for a set period of time, it is important to look at the bigger picture and longer time frame. While Cashplus is not free, their annual fee is transparent, so can be attractive to businesses looking for simplicity and consistency for the longer term.
Why not take a look at the benefits yourself?